STOCKHOLM, June 4, 2019 /PRNewswire/ -- Beactica AB, the Swedish drug discovery company, today announced the completion of a new financing round that will enable the company to take its leading pipeline programme in oncology to the next stage. The share issue was fully subscribed, with 90% of the investment coming from existing shareholders that include ALMI Invest, UNIONEN and M2 Capital Management.
The funds will be used to progress Beactica's glioblastoma studies, including to confirm the indication of in vivoefficacy that was recently achieved in a clinically relevant model of glioblastoma. The funding will also allow the company to run advanced pre-clinical models in at least one follow-on cancer indication.
"We are delighted by the continued support of our investors as our pipeline of novel oncology therapeutics continues to make progress," said Per Källblad, CEO of Beactica. "In particular, our glioblastoma programme has shown promising results in recent studies and we are on track towards pre-clinical development with at least one compound."
Glioblastoma is an aggressive and lethal form of brain cancer and the current treatment options - which have not improved over the last 15 years - are not sufficiently effective. Beactica's LSD1 programme focuses on the development of first-in-class small molecule allosteric modulators of LSD1 to treat glioblastoma and other cancers. Beactica's compounds have a fundamentally different mechanism of action from catalytic LSD1 inhibitors under development, and have been shown to exhibit in vivoefficacy in advanced oncology models.
Allan Asp, Investment Manager at ALMI Invest, commented: "Beactica's exceptional track record shows that the Company's platform has the potential to deliver innovative treatments in indications of unmet need. We are very pleased to continue our support to Beactica as its lead product is progressing toward the clinic."
Beactica AB Contact
Per Källblad M.Sc. Ph.D.
Notch Communications Contact:
Kate Whelan Ph.D.
Tel: +46 (0)70-238-11-49 / +44 (0)161-457-7230
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SOURCE Beactica AB